NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN.

Launch of CapitaMalls Trust Prospectus and Retail Offering

MEDIA/ANALYST BRIEFING 28 JUNE 2010 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Important

This presentation is for information only. It does not constitute an offer, solicitation or invitation to purchase or subscribe for or solicitation of the units in Singapore, the United States or any other jurisdiction nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. The information in this presentation is qualified in its entirety by, and is subject to, the more detailed information to be set out in the final prospectus (the "Final Prospectus") registered with the Securities Commission of Malaysia (“SC”). The information presented in this presentation is subject to change. Anyone wishing to purchase the units should read the Final Prospectus before deciding whether to purchase the units and will need to make an application in the manner set out in the Final Prospectus. Any decision to purchase the units should be made solely on the basis of information contained in the Final Prospectus and no reliance should be placed on any information other than that contained in the Final Prospectus. The value of the units and the income derived from them may fall as well as rise. The units are not obligations or, deposits in, or guaranteed by CapitaMalls Asia, Menang Investment Limited (the “Offeror”), CapitaMalls Malaysia REIT Management Sdn Bhd (the “Manager”), AmTrustee Berhad (the “Trustee”), the underwriters, the bookrunners or any of their respective affiliates. An investment in the units will be subject to investment risks, including without limitation, risks relating to the properties, risks relating to CMMT’s operations and risks relating to investing in real estates and including the possible loss of the principal amount invested. Investors will have no right to request that the Manager redeem or purchase the units while the units are listed. It is intended that unitholders may only deal in their units through trading on the Bursa Securities. Listing of the units on the Bursa Securities does not guarantee a liquid market for the units. This presentation may contain forward-looking statements that involve risks and uncertainties. Any actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Under no circumstances should the inclusion of such information herein be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions by CapitaMalls Asia, the Offeror, the Manager, the Trustee or any of their respective affiliates or any other person or that these results will be achieved or are likely to be achieved. Potential investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view of future events. These materials are not for publication or distribution, directly or indirectly, in or into the United States. These materials are not an offer of securities for sale into the United States, Canada, Japan or elsewhere. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("the Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the Securities Act), except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

2 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Content

• Overview of CapitaMalls Malaysia Trust (CMMT) • Investment Highlights • Financials • Public Offering

3 Launch of CMMT Prospectus and Retail Offering *28 June 2010* Overview of CMMT

4 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. CMMT

Largest listed “pure-play” REIT in Malaysia1

Three shopping malls valued at RM2.13 billion2

Total retail space of approximately 1.88 million square feet of net lettable area

Geographically diversified portfolio within Malaysia

Access to Sponsor’s unique integrated retail and capital management platform

1 Based on information on Listed Malaysian REITs as at 30 April 2010. 2 Based on valuations of , Sungei Wang Plaza Property and The Mines as at 28 February 2010, 31 March 2010 and 31 March 2010 respectively, commissioned by AmTrustee Berhad, trustee of CMMT.

5 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Structure of CMMT

Other Unitholders

30.00% 70.00% 33.00%–41.74% 58.26%–67.00%

CapitaMalls Management Services Acts on behalf of Unitholders Malaysia REIT Management Sdn. Bhd.1 Management Fees Trustee Fees

Gross Rental Ownership of Income & Other Assets Income (Vested in Property Trustee) Management Services

Knight Frank Property Management Fees

¹ The REIT Manager is 30.00% owned by Malaysian Industrial Development Finance Berhad, a wholly-owned subsidiary of Permodalan Nasional Berhad providing services in its three core businesses namely, investment banking, asset management and development finance.

6 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Strategically Located IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Portfolio of Shopping Malls in Malaysia Gurney Plaza, Penang1 The Mines,

’s premier  Suburban shopping mall lifestyle mall with Venetian-like canal  Located at Gurney  Part of Mines Resort City, Drive an integrated retail,  Large middle/upper entertainment & income catchment business destination population  Accessible via highways and public transport

NLA (sq ft)2 : 707,503 NLA (sq ft)2 : 719,563 Valuation (RM)3 : 850 million Valuation (RM)3 : 540 million : 1,201 psf : 750 psf Occupancy (%)2 : 96.4 Occupancy (%)2 : 97.5

Sungei Wang Plaza4,

 Unique shopping mall with wide range of Penang products & services Portfolio details  Strategically located within KL’s CBD 2 Malaysia  NLA: 1,877,536 sq ft  Easily accessible via  Occupancy: 97.4%2 SMART tunnel and  Valuation: RM2,130 million3 monorail Kuala Lumpur NLA (sq ft)2 : 450,470 Selangor Valuation (RM)3 : 740 million : 1,643 psf Occupancy (%)2 : 98.8

1 Excludes Gurney Plaza Extension. 2 As at 30 April 2010. 3 Based on valuations of Gurney Plaza, Sungei Wang Plaza Property and The Mines as at 28 February 2010, 31 March 2010 and 31 March 2010 respectively, commissioned by AmTrustee Berhad, trustee of CMMT. 4 CMMT has interest in approximately 61.9% of the aggregate retail floor area of Sungei Wang Plaza and approximately 1,298 car park bays within Sungei Wang Plaza. All information in this presentation pertains solely to CMMT’s strata area. 7 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Diversified Portfolio IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Without Over-Reliance on a Single Shopping Mall

Asset breakdown by NPI Asset breakdown by appraised value Asset breakdown by NLA

Total FY2009 NPI: RM134.4 million Total appraised value: RM2,130 million1 Total NLA: 1,877,536 sq ft2

The Mines The Mines The Mines Gurney Plaza RM32.2 million RM540 million 719,563 sq. ft. Gurney Plaza Gurney Plaza 707,503 sq. ft. 24% 25% 38% RM52.4 million RM850 million 38% 39% 40%

Sungei Wang Sungei Wang Sungei Wang RM49.8 million RM740 million 450,470 sq. ft. 37% 35% 24%

1 Based on valuations of Gurney Plaza, Sungei Wang Plaza Property and The Mines as at 28 February 2010, 31 March 2010 and 31 March 2010 respectively, commissioned by AmTrustee Berhad, trustee of CMMT. 2 As at 30 April 2010.

8 Launch of CMMT Prospectus and Retail Offering *28 June 2010* Investment Highlights

9 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Investment Highlights

Stable Strong distributions sponsorship and prudent from CapitaLand Resilient 2 capital 3 portfolio: rental management stability + Bright Reputable sponsor growthprospects for with proven track organised retail record Exposure to sales Malaysia1 ’s 4 stable macro- Positiveeconomy Compelling momentum in investment in an Malaysia’s initial portfolio Largesteconomy M-REIT of three attractive malls

10 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 1 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Positive Momentum in Malaysia’s Economy

Resilient GDP growth and strong domestic consumption Favourable demographics

Malaysia GDP growth Malaysia population breakdown by age group  10.1% Q-on-Q growth in the first quarter of 2010 8.0% 50 above 20–50 0–20  Average 4.4% growth from 1998 to 2009 30  Forecast 4.5–5.5% growth for 2010 and 5.0–5.5% for 2011 and 2012 4.9 4.4 4.5 4.7 6.0% 25 3.9 4.0 4.2

20 4.0% 11.4 11.6 11.8 12.0 12.2 12.4 12.6

15 c. 43% of the population in the 20–50 group 2.0% 10 0.0% millions)(in Population 5 11.1 11.2 11.3 11.4 11.5 11.7 11.8

(2.0)% 0 2006 2007 2008 2009 2010E 2011E 2012E 2006 2007 2008 2009 2010E 2011E 2012E

Transitioning into a high income nation Strong tourism arrivals and receipts

Malaysia GDP per capita (RM)1 20,780 Tourist arrivals (in million) Tourist receipts (RM billion) 20,031 30 70 59.4 19,354 19,402 53.4 25 49.6 60 18,811 18,703 46.1 36.3 50 18,018 20 40 15 30 10 20 5 10 0 0

2006 2007 2008 2009 2010E 2011E 2012E 2006 2007 2008 2009 2010E

Source: Knight Frank; 1 Computed based on GDP and population figures in the Knight Frank report.

11 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 2 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Bright Prospects for Organised Retail Sales

Malaysia annual retail sales growth (2006–2012F) Growth in organised retail sales

13.0% 12.8%

11.0%

9.0% Global Demand for 7.5% Rising operators 7.0% “one-stop” consumer looking for shopping affluence opportunity for malls 5.0% 5.0% growth 3.0–5.0% 3.0–5.0%

3.0%

1.0 - 3.0%

1.0%

(0.8)% (1.0)% 2006 2007 2008 2009 2010E 2011F 2012F Changing retail landscape in Malaysia

Source: Knight Frank.

12 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 2 Malaysia’s Fragmented and IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Relatively Under-Supplied Market offers Growth Opportunities Highly fragmented ownership plus low retail space per capita provides significant opportunities for growth by acquisition

Shopping mall ownership in Malaysia  Fragmented ownership of % of total NLA for shopping centres % of total NLA for shopping centres shopping malls in Entities that own 1 mall Own more than 1 mall Own 1 mall (100%) Entities that own more than 1 mall Own more than 75% of 1 mall Malaysia Strata unit sales

2%  Most competitors are 26% single shopping mall 54% owners

98%  Potential for ownership 74% 24% consolidation 14% 8%

KL Selangor Penang Island

Retail space per capita (sq ft) (2009)

45.2

22.6

10.9 10.8 5.8 2.9 3.5

Malaysia Selangor Penang Kuala Lumpur Singapore Australia US Source: Knight Frank (Malaysian data), Urbis (overseas data).

13 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

CapitaMalls Asia – Sponsor of CMMT

Real Estate Hospitality Fin. Services

Residential Integrated Serviced Retail Australia China Commercial Financial Singapore Developments Residences

Commercial 29.86% Non-Retail Fund & REIT Management Effective interest 27.06%

Retail Fund & REIT Denotes listed entities Management

 The sponsor of CMMT is CapitaMalls Asia, a member of the CapitaLand group of companies  CapitaLand is Asia’s REIT pioneer, having listed CapitaMall Trust in July 2002  CapitaLand is one of Asia’s largest real estate companies with operations spanning more than 110 cities in over 20 countries – 8 listed companies with total group market capitalisation of S$40.3bn – Manages S$47.7bn1 of real estate assets  CapitaLand owns/manages ~RM3.7bn of assets in Malaysia

* As at 31 December 2009. 1 Value of all real estate assets managed by CapitaLand Group entities stated at 100% of the property carrying value. 14 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Proven record of strong growth and localisation

20.4 19.4

Aggregate property value in which 13.3 CapitaMalls Asia has interest in and 11.3 manages

5.2 Effective interest in the property values of 2.7 3.1 6.9 7.1 1.8 4.9 CapitaMalls Asia’s 3.5 portfolio 1.2 1.3 1.1 1.8

Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 As at (in S$bn) Significant expansion of staff with focus on 5 10 10 24 55 78 96 86 Properties localising business through the development of talent Employees 182 659 2,844 in overseas markets

Singapore, Singapore, Singapore,  Three shopping Countries Singapore China, China, China, Japan malls located in KL, Japan, India Japan, India Selangor and Penang Malaysia Malaysia  Total valuation of RM2.13bn  169 on-the-ground staff1 Source: CapitaMalls Asia 1 As of 31 May 2010

15 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Extensive base of international and domestic tenants with about 7,700 leases

Selected tenants (by trade name)

Domestic International Singapore China Malaysia Japan India 7-Eleven McDonald’s 77th Street 1000 Colors (千色店) Giant Co-op Kobe Access2future Ajisen Ramen Muji BreadTalk ANTA (安踏) Esquire Kitchen Don Quijote Crossword Bally Nike Capitol Optical BeLLE (百丽) Factory Outlet Store Honma Golf Fame Cinemas (F.O.S.) Bata Pizza Hut Charles & Keith BHG (北京华联) British India Ito Yokado Favorite Shop Carrefour Sephora Eu Yan Sang Charme Restauarnt Tanjong Golden Village Izumiya Health & Glow (港丽餐厅) Cartier Starbucks Golden Village Hai Di Lao Huo Guo Nichii Kojima Kalmane Koffees (海底捞火锅) CK Calvin Klein Swatch Kopitiam JNBY (江南布衣) Old Town White Coffee Mainami Amusement Megamart H&M Tesco NTUC FairPrice LI-NING (李宁) Padini Shimamura Music MTR IWC Uniqlo Old Chang Kee MaoJia Restaurant Summit Supermarket Namdhari Fresh (毛家饭店) KFC Vero Moda Pet Lovers Centre Ochirly (欧时力) Royal Selangor Super ARCs Pantaloon Factory Outlet Louis Vuitton Wal-Mart Popular PanKoo (盘古) Secret Recipe Super Value Sanskruti Silks Mango Watsons Robinsons Sport 100 (运动100) The Chicken Rice Shop Tsutaya Transit Mannings Zara Soo Kee Jewellery Xihu Spring Tomei Yamato Whizz Restaurant (西湖春天)

Source: Tenant list (except Malaysia) taken from CapitaMalls Asia IPO prospectus dated 17 November 2009

16 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

CMMT and tenants benefit from CapitaMalls Asia’s extensive tenant network

International and Domestic Retailers

CapitaMalls Asia model Benefits tenants Benefits CMMT

Tenant intelligence and Proven retail mall relationship management expertise

Rapid franchise expansion

Active mall Network effects of 87 retail management properties across 5 Higher shopper traffic countries with about 7,700 leases1

Proactive leasing and marketing strategy Higher sales Shopping mall focused Sponsor with financial Leveraging on capacity CapitaMalls Asia’s scale and scalability

1As at 31 March 2010 17 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Retail Real Estate Management Retail Real Estate Capital Management

Mall Design & Strategic Fund Property Management Strategic Asset Development Planning & Structuring & Management & Operational Marketing Management Management Investment Management Leasing

Pan–Asian retail mall management platform and delivery 1 capabilities

2 Strategic partnerships and extensive international network of brand name retailers

3 Professional management to drive shopper traffic and retail sales

4 Professional design team to create attractive shopping ambiance

5 One of the few REITs in Asia to have an internalised lease and design management function

18 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record Track record of asset management and enhancement initiatives 13.95

Monthly 10.89 + 28.1% Gross Rental Income excl GTO (RM mm) At acquisition 30-Apr-10

+ 4.5% 1,877,536 1,796,874 NLA (Sq ft)

At acquisition 30-Apr-10

7.63 Average + 18.5% Monthly 6.44 Gross Rental Income (RM/Sq ft) At acquisition 30-Apr-10

97.4 94.2 + 3.4% Occupancy Rate (%)

At acquisition 30-Apr-10

Note: Gurney Plaza, Sungei Wang Plaza Property and The Mines were acquired by the respective Vendors on 27 November 2007, 25 June 2008 and 19 December 2007, respectively.

19 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Completed Asset Enhancement Initiatives Sungei Wang Plaza Property, Gurney Plaza, Penang The Mines, Selangor Kuala Lumpur

• Conversion of ground floor food • Conversion of anchor tenant • Construction of three-storey and beverage (“F&B”) units to space on concourse level into extension block retail lots. higher yielding specialty and F&B lots • Creation of roof top open • Reconfiguration of common area plaza with “Splash Park” on 4th floor • Repositioning of IT focused section on Level 3 to restaurants • Creation of new “Market • Conversion of low-yielding and F&B kiosks Place” concept and temporary kiosk space in “DigitaMart” basement 1 to open F&B and retail kiosks • Optimisation of space and improvement in tenant mix

Established track record in enhancing values of shopping malls

20 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Asset Enhancement Track Record: Gurney Plaza

Created F&B and retail kiosks to improve BEFORE: tenant mix & increase rental returns NLA: 706 sq ft / Av. Rent: RM17 psf

Description Impact of works

Incremental NPI RM0.32 million

Capex RM0.75 million Estimated ROI 43%

AFTER: NLA: 2,715 sq ft / Av. Rent: RM20 psf

21 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Asset Enhancement Track Record: Sungei Wang Plaza Property Converted low-yielding anchor tenant space into higher yielding specialty outlets, achieved ROI of ~ 136%

Description Impact of works

Incremental NPI RM2.04 million

Capex RM1.5 million Estimated ROI 136%

Before: NLA: 25,532 sq ft / Ave Rent: RM5.15psf

Sungei Wang Plaza Property, Kuala Lumpur After: NLA: 19,070 sq ft / Ave Rent: RM17.97psf

Note: CMMT owns approximately 61.9% of the aggregate surveyed retail floor area of Sungei Wang Plaza and approximately 1,298 car park bays within Sungei Wang Plaza. All information pertains solely to CMMT’s strata area.

22 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Asset Enhancement Track Record: The Mines

L4

L3 L3 (Main Entrance)

L2 Carpark from L1 to L2.5 L1 L1(Lower Entrance) Converted low-yielding anchor tenant L5 Splash Park, Leisure/Entertainment and F&B space intoL4 higher Leisure /Entertainment, yielding Lifestyle specialty and IT Digital outlets The Mines AEI L3 Established Fashion and F&B Extension block Reconfiguration of NLA L2 Electrical, Home, Wellness and Local Fashion New retail concepts Link bridges Achieved ROI of ~ 136% New escalators Splash park L1 Supermarket, Services, Conveniences, F&B and Lifestyle

BEFORE AFTER Description Impact of works

Additional NLA created ~ 80,000 sq ft

Incremental NPI RM7.5 million

Capex RM87 million

Estimated ROI 9%

23 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Asset Enhancement Track Record: The Mines Improved Performance after acquisition in December 2007 BEFORE AEI AFTER AEI Monthly + 60.2% 4.02 Gross 2.51 Rental Income excl turnover rent At acquisition 30-Apr-10 (RM mm) + 11.6% 644,579 719,563 NLA (Sq ft)

At acquisition 30-Apr-10 Link bridges

Average + 24.8% Monthly 5.74 Gross 4.60 Rental Income (RM per sq ft ) At acquisition 30-Apr-10

+ 15.0%

Occupancy 84.8 97.5 Rate (%)

Market Place At acquisition 30-Apr-10

24 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Organic growth from planned asset enhancement initiatives at Gurney Plaza

Proposed Sky Bar overlooking existing alfresco F&B area

Current Future (Artist’s impression)

NB: Proposed works are subject to the approval of the local authorities

25 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Organic growth from planned asset enhancement initiatives at Gurney Plaza

Convert atrium & car park space at Levels 5 and 6 into F&B and retail lots  Create continuous retail activities from Level 4 to Current Level 7, which will boost traffic flows

 Convert atrium & car park space into: – L5: Specialty fashion/retail stores targeted at the young – L6: Restaurants & specialty food

AEI plan

NB: Proposed works are subject to the approval of the local authorities 26 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Innovative marketing activities

 Drive shopper footfall and sales of tenants  Important contribution to total revenue

Late Night Shopping Artiste Appearances

Performances Family Events

27 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

In-house tenancy design team  In-house tenancy design team controls and improves the design of the shop fronts to make them more appealing to shoppers

28 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Replicating the success of CMT and CRCT

CapitaMall Trust CapitaRetail China Trust Singapore’s First and Largest REIT First China Shopping Mall S-REIT Since IPO (Jul 2002) March 2010 Since IPO (Dec 2006) March 2010 Asset size Asset size

7.8 times increase S$959.5mm S$7.5bn S$724.6mm 65.6% increase S$1.2bn

Market capitalisation Market capitalisation

7.9 times increase 42.7% increase S$708.5mm S$5.6bn S$537.5mm S$766.9mm

Distributable income Distributable income

5.2 times increase 1.6 times increase S$53.9 mm S$282.0 mm1 S$32.0 mm S$50.6 mm1

Select assets in Singapore CRCT’s portfolio of assets in China

Saihan Mall Zhengzhou Mall Anzhen Mall Beijing Junction 8 Raffles City Singapore IMM Lot One Shoppers’ Mall Hohhot

Qibao Mall Jiulong Mall Zhengzhou Shanghai Wuhan

Tampines Mall Plaza Singapura Hougang Bukit Panjang Xinwu Mall Plaza Plaza Wangjing Mall Xizhimen Mall 1 Distributable income for 2009. * Asset and market capitalisation values as at 31 March 2010, CapitaMall Trust has 14 assets (not including acquisition of Clarke Quay which has yet to be completed) while CapitaRetail China Trust has 8 assets as at 31 March 2010.

29 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

Growth from proposed fund supplemented by acquisition opportunities

Proposed Malaysia Retail Third party Sponsor’s ROFR Development Fund acquisitions

 ROFR from CapitaMalls  ROFR from any future  Income-producing Asia over any identified proposed CapitaMalls shopping malls Malaysian retail assets Asia sponsored Malaysian retail  Satisfy CMMT’s  ROFR available over development fund investment criteria Gurney Plaza Extension

30 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 3 IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Reputable Sponsor with Proven Track Record

ROFR from CapitaMalls Asia – Gurney Plaza Extension

Gurney Plaza Gurney Plaza Extension G Hotel

Potential acquisition by CMMT  Started operations in November 2008  NLA (approx.) = 135,000 sq ft

31 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 4 Compelling Investment in IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Initial Portfolio of Three Attractive Shopping Malls CMMT will be the largest “pure-play” shopping mall REIT in Malaysia

Market Total Free Free cap. assets float float 1,800 M-REITs (RMmm) (RMmm) (RMmm) (%) CMMT 1,4581 2,1302 925 [58–67]

Other REITs listed on Bursa Securities

1,500 Starhill 1,026 1,655 376 37% CMMT CMMT Boustead 758 866 300 40%

Axis 617 908 549 89% 1,200 Al’-Aqar KPJ 544 1,011 292 54%

Starhill AmFIRST 511 1,044 351 69%

900 Quill 414 818 165 40% Boustead Hektar 406 777 117 29%

Al’-Aqar KPJ AmanahRaya 388 737 139 36% 600 Axis

Market capitalisationMarket (RMmm) Tower 342 599 213 62% AmanahRaya

Hektar AmFIRST UOA 359 519 103 29% UOA 300 Quill Atrium 118 182 75 64%

Atrium Tower M-REIT 498 829 244 50% Average 0 0 500 1,000 1,500 2,000 2,500 Total assets (RMmm) Source: Company filings, FactSet, Bloomberg as of 30 April 2010. Note: Size of bubble represents value of free float of each M-REIT. Market capitalisation as of 30 April 2010. 1 Based on maximum price of RM1.08 payable by retail investors and CMMT’s approved size of 1,350 mm units. 2 Based on valuation of properties commissioned by AmTrustee Berhad, trustee of CMMT. 32 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 4 Compelling Investment in IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Initial Portfolio of Three Attractive Shopping Malls Resilient portfolio despite global financial crisis

Overview of historical average rental (RM psf) and committed occupancy (%)

Average rental (RM psf per month) Committed occupancy (%) 7.60 7.47 7.48 100% 100% 7.40 7.29 7.21 99% 7.20 98.3% 7.04 98.3% 99% 7.00 98% 98% 6.80 6.70 96.7% 96.5% 97% 6.60 97% 96.0% 95.9% 96% 6.40 96% 6.20 95% 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009 1 Sungei Wang acquired in 25 June 2008, The Mines acquired in 19 December 2007, Gurney Plaza acquired in 27 November 2007.

Valuation of the portfolio (RM million) NPI of the portfolio (RM million)

10.4% 134 2,025 122 1,965 3.1%

31-Dec-2008 31-Dec-2009 FYE 20081, 2 FYE 2009 2 1 NPI contribution from Sungei Wang Plaza Property for FYE 2008 is for the period 25 June 2008 till 31 December 2008 and the result is annualised for comparison purposes. 2 Figures show what the NPI might have been had CMMT existed at the relevant period. 33 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 4 Compelling Investment in IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Initial Portfolio of Three Attractive Shopping Malls Stable income from trade diversification and well-spread out lease expiry profile

Trade diversification (by gross rent) Portfolio lease expiry profile

Fashion/Accessories 43.5%1 Beauty & Health

2.7% 3.3% 1.8% Department Store 3.4% 4.0% Food & Beverage 28.3% Services 6.1% 39.9%

8.7% Leisure & Entertainment/ Sports/Fitness 17.3% Electronics/IT 13.7% 10.9% 5.9% 10.5% Gifts & Specialty/Books Hobbies/Toys/Lifestyle Supermarkets

Home Furnishings

Note: As at 30 Apr 2010 Others 2010E 2011F 2012F 2013F onwards Note: As at 30 Apr 2010  c. 79.8% of gross rental income for 2010 are from committed leases, providing rental revenue certainty  Typical lease tenure of ~3 years with diversified tenant mix of over 1,000 tenants from a variety of trades

1 Out of the 43.5% of Gross Rental Income expiring in 2011, 14.2% is accounted for by the top 10 tenants of the 3 malls. These include: (1) Gurney Plaza; Parkson (2.0%), Padini Concept Store (0.9%), Esprit/Red Earth (0.7%); (2) Sungei Wang Plaza Property: Parkson Grand (3.9%), F.O.S./F.O.S. Kids & Teens (1.1%), Giant Supermarket (0.9%); and (3) The Mines: Challenger (0.6%).

34 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 4 Compelling Investment in IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Initial Portfolio of Three Attractive Shopping Malls

Rental growth underpinned by asset enhancement initiatives and strong rental reversions

Breakdown of current monthly rental Portfolio rental growth contribution since acquisition

Monthly gross rental (RMmm) Pre-acquisition Asset enhancement Rental renewals 5.0 4.9 0.5 4.0 0.6 0.3 0.2 0.4 Rental renewals 1.1 47% 4.2 4.1 Asset 2.5 enhancement 53%

Gurney The Mines Sungei Plaza (Apr-10)² Wang (Apr-10)¹ (Apr-10)³

Leases with annual step-ups in base rent Leases with turnover rent component

No annual step- No turnover rent ups in base rent component 24% 22% Annual step-ups in base rent Turnover rent 76% component 78%

Note: As at 30 Apr 2010 1 Gurney Plaza: Total increase of ~RM0.8mm (RM0.3mm from AEI and RM0.5mm from rental renewals). 2 The Mines: Total increase of ~RM1.5mm (RM1.1mm from AEI and RM0.4mm from rental renewals). 3 Sungei Wang Plaza: Total increase of ~RM0.8mm (RM0.2mm from AEI and RM 0.6mm from rental renewals).

35 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. CMMT’s Strategy

Proactive asset Actively pursue Leverage on Optimising capital management and asset acquisition CapitaMalls Asia’s management strategy enhancement strategies opportunities extensive portfolio

 Active management of  ROFR from  CMMT to benefit from  Optimal capital properties to generate CapitaMalls Asia over CapitaMalls Asia’s structure strategy organic growth completed and extensive relationships  Proactive interest rate  Increasing value of stabilised Relevant with both international management strategy 1 properties through Retail Properties in and domestic tenants asset enhancement Malaysia  Access to CapitaMalls initiatives  ROFR from proposed Asia’s integrated retail CapitaMalls Asia and capital sponsored retail management platform development fund

1 Relevant Retail Properties refers to any completed property situated in Malaysia used or intended for use for retail purposes or predominantly retail purposes with an occupancy rate of at least 90% that is a stand-alone retail asset, property or development or a mixed-use or integrated asset, property or development where at least 65% of the gross floor area, 65% of its rental income is from retail tenants or at least 65% of value of the asset is allocable to the retail component.

36 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Management Team

Independent Non – Independent Mr IG Chandran (Gnanachandran Ayadurai), Mr Kee Teck Koon, Chairman Chairman of Audit Committee Mr Lim Beng Chee Ms Tan Siew Bee Mr Lock Wai Han Mr Peter Tay Buan Huat Datuk Mohd Najib Bin Abdullah Mr Ng Kok Siong

Board of Directors of Board Ms Sharon Lim Hwee Li, CEO

Board of Directors

Chief Executive Officer Sharon Lim Hwee Li

Finance & Asset Management Investment Compliance Yong Kei Seng Tng Wei Chien Lee Hui Yeow

Management Team Management Marketing Leasing Project Engineering & Design Communications Aileen Goh Seok Management Technical Services Choo Wee Chyn Therese Jezamine Khim Adrian Chin Kok Ping Ibrahim Ahmad Chew Pak Ngoh

The retail and capital management platform in place is supported by a predominantly local management team

37 Launch of CMMT Prospectus and Retail Offering *28 June 2010* Financials

38 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Summary Financials

Forecast Distribution Statement1

Distribution statement 2008 (RM mm)2 2009 (RM mm) 2010F (RM mm)3 2011F (RM mm)4

Gross revenue 167 191 202 211 Gross expenses (45) (57) (61) (63) Net property income 122 134 141 149 Distributable income5 97 101 DPU (sen) 7.16 7.45 1 For illustrative discussion purposes only 2 NPI contribution from Sungei Wang Plaza Property for FYE 2008 is for period 25 June 2008 till 31 December 2008 and the result has been annualized for comparison purposes 3 2010 annualised for the period April to December 2010 4 January 1, 2011 to December 31, 2011 5 Assumes performance fees will be payable in units Balance sheet at IPO Forecast Distribution

RM mm 7.45 sen Total assets 2,184 4.1% Total liabilities 795 7.16 sen Net assets 1,389 Units in issue (mm) 1,350 Forecast Period 2010 Forecast Year 2011 Net asset value per unit 1.03 6.9% Yield2 Initial gearing 34.3%1

1 Gearing on deposited property of 35% (RM750mm of debt on asset value of RM2,130mm), gearing on total assets (inclusive of other assets such as security deposits) of 34.3% 2 Distribution yield based on the forecast distributable income for Forecast Year 2011 and Retail Price of RM1.08. 39 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Optimal Capital Management

Maximise returns through an optimal capital management strategy

Optimise capital structure Proactive interest rate management

 Initial gearing ratio of ~34.3% on deposited property  Effective 4.8% cost of debt

 Long term strategy to maintain gearing of <45%

 Available debt headroom of RM630mm1 at listing Well spread debt expiry profile (RMmm)

450

300 Available debt headroom at IPO (RMmm)

Initial Leverage Debt Headroom

630 1 FY2010 FY2015 FY2017

2 2 750 750 Profile of loans – 70% fixed for FY2010 and FY2011 Initial Leverage 34.3% 50.0%

1 CMMT will be able to acquire assets of up to RM630 million through 100% debt financing before gearing level reaches 50%, borrowing limits as set out in REITs Guidelines issued by the Securities Commission of Malaysia. 2 Gearing on deposited property of 35% (RM750mm of debt on asset value of RM2,130mm), gearing on total assets (inclusive of other assets such as cash) of 34.3%. 40 Launch of CMMT Prospectus and Retail Offering *28 June 2010* Overview of Public Offering

41 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Overview of Public Offering

Issuer  CapitaMalls Malaysia Trust (“CMMT”)

Listing  Main Market of Bursa Malaysia Securities Berhad

 786,522,000 units (representing 58.3% of total outstanding units) consisting - 719,022,000 units for institutional investors and - 67,500,000 units for retail investors Offer structure  15% over-allotment option (117,978,000 Units)  Reg S Institutional offering

 CapitaMalls Asia Limited Sponsor - intends to retains interest of approximately 33.00% to 41.74% in CMMT after the Proposed Offering, dependent on whether the over-allotment option is exercised

Cornerstone  EPF and GE Life Assurance investors  11.4% of total offering has been committed

 Unit price: RM1.08 Retail Price  FY2011 DPU Yield: 6.9%

Joint Global  CIMB, J.P. Morgan Coordinators

Joint Bookrunners  CIMB, J.P. Morgan, Maybank

42 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Comparative Yields of Alternative Investments

Singapore Malaysia

8.4%

6.9% 5.7% 5.7% 4.8% 4.0% 3.7% 2.9% 2.5%

1 2 3 4 10 year CMT CMMT FY11E 60 mth 10 year KLCI EPF Malaysia M-REITs Singapore DPU Yield FD rate Malaysia dividend dividend dividend Govt. Govt. yield yield plays Bond Bond (2009) (2009) Source: FactSet, Bloomberg (24 June 2010). 1 Based on CMT’s 1Q FY2010 annualised DPU of 9.04¢ and closing unit price of S$1.90 on 24 June 2010. 2 Distribution yield based on the forecast distributable income of CMMT for the Forecast Year 2011, and the Retail price of RM1.08 3 Malaysia dividend plays comprises the mean of the dividend yields of DiGi.com, YTL Power, Telekom Malaysia, BAT, Berjaya Sports Toto, PLUS, MISC & Tanjong 4 M-REITs comprises the mean of the M-REITs’ yields.

43 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Timeline

Events Tentative Dates

Opening of the Institutional Offering 25 June 2010*

Opening of the Retail Offering 10.00 a.m., 28 June 2010

Close of the Retail Offering 5.00 p.m., 5 July 2010

Price determination 7 July 2010

Close of the Institutional Offering 7 July 2010

Balloting of applications for the IPO Units under the 8 July 2010 Retail Offering

Transfer of IPO Units to successful applicants 14 July 2010

Listing on Main Market of Bursa Malaysia Securities Berhad 16 July 2010

* Being the date of commencement of bookbuilding.

44 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. Malaysia’s Largest “Pure-Play” Shopping Mall REIT

45 Launch of CMMT Prospectus and Retail Offering *28 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN.

Thank You

For more information, please contact:

Media Analyst Lim Seng Jin Mark Wai Ling Corporate Communications & Marketing Investor Relations Tel: +65 6826 5778 / +65 8333 2010 Tel: + 60 3 2279 9888 / +60 12 248 8095 Email: [email protected] Email: [email protected]

46 Launch of CMMT Prospectus and Retail Offering *28 June 2010*